Ncontracts, a provider of integrated risk management solutions for the financial industry, has acquired Banc Intranets, a provider of secure, web-based enterprise content management solutions.
“This acquisition further extends our ability to provide comprehensive solutions to our customers around the country,” said Michael Berman, chief executive officer of Ncontracts.
“Adding the industry-leading capabilities of the BancWorks employee portal and the DirectorLink board portal to our integrated suite of risk management solutions will improve internal efficiencies and decrease risk for our clients.
“We’re excited to welcome the entire Banc Intranets team to Ncontracts.”
With the acquisition, Ncontracts will now offer a comprehensive set of capabilities to assess and monitor risk and compliance for the financial services industry, which includes banks, credit unions, mortgage companies, and fintechs, to make sure that information needed for compliance and risk management is securely and seamlessly shared across the entire organisation.
“We’re extremely excited to be joining forces with Ncontracts, which leads our industry in providing vendor, risk, and compliance solutions,” said Mark Anderson, co-founder and chief executive officer of Banc Intranets.
“The combination of our portal tools for employees and boards combined with the functionality across the suite of Ncontracts solutions provides a tremendous advantage for banks and credit unions everywhere to more efficiently and effectively manage their risk and compliance efforts.”
Ncontracts’ integrated risk management solution enables banks, credit unions, mortgage lenders, and fintech companies in all 50 states to automate their risk management and compliance activities.
Clients save time in assessing and managing risks related to the financial products they market to consumers and ensure that their compliance activities are accurate and complete.
The need for this ‘regtech’ software has become more urgent as federal and state regulations have become more complex, and as the impact of COVID-19, Paycheck Protection Program loans, and lending diversity and equity initiatives continue to evolve.
The combined companies will have over 200 employees and more than 1,600 customers around the country.
“The addition of the Banc Intranets services and expertise will enable Ncontracts to deliver the most comprehensive set of integrated risk management offerings available in the marketplace,” said Berman.
“With the backing of our financial partner, Gryphon Investors, we are just beginning our next phase of organic and acquisition-driven growth and look forward to continuing to expand our capabilities and resources to achieve our vision of elevating risk management and regulatory compliance from complex burdens to strategic advantages.”
Ncontracts, Banc Intranets, Mergers & Acquistions, Risk Management, Insurance, Reinsurance, Michael Berman, North America